Click here to close now.

Welcome!

Wireless Authors: Pat Romanski, Ruxit Blog, Carmen Gonzalez, Glenn Rossman, Liz McMillan

News Feed Item

Circa Reports Sales and Operating results for the Second Quarter Ended June 30, 2014 and common shares issued under the Share Acquisition Plan

CALGARY, Aug. 7, 2014 /CNW/ - Circa Enterprises Inc. (CTO-TSXV) (the "Company" or "Circa"), a manufacturer of equipment for the telecommunication, electrical utility, and construction industries, reports results of operations for the second quarter ended June 30, 2014 and the issuance of common shares under the Share Acquisition Plan.

OPERATING RESULTS

Summary of second quarter operating results:

  • Q2 2014 consolidated sales of $7.1 million, representing a 25.2% increase compared to Q2 2013 sales of $5.6 million
  • Profit for the period from continuing operations for Q2 2014 of $316,000 compared to profit from continuing operations of $178,000 for Q2 2013
  • Earnings per share of $0.03 for Q2 2014 compared to earnings per share of $0.02 in Q2 2013
  • EBITDA of $512,000 for Q2 2014 compared to EBITDA of $301,000 for Q2 2013 (see below for explanation and calculation of EBITDA)
  • Working capital of $7.7 million, including $756,000 in cash and no outstanding debt at June 30, 2014

Summary of year-to date operating results:

  • Consolidated sales of $14.4 million for the six months ended June 30, 2014, compared to sales of $10.2 million for the six months ended June 30, 2013
  • Profit for the period from operations for the six months ended June 30, 2014 of $591,000, compared to a loss for the period from operations of $26,000 for the same period in 2013
  • EBITDA of $976,000 for the six month period ended June 30, 2014, compared to EBITDA of $113,000 for the same period in 2013

EBITDA is earnings before interest, taxes, depreciation and amortization.  EBITDA is a non-IFRS financial measure and does not have any standardized meaning prescribed by International Financial Reporting Standards and, therefore, may not to be comparable to similar measures presented by other issuers.  Management believes that EBITDA is a useful supplemental measure, which provides an indication of the results generated by Circa's primary business activities prior to consideration of how those activities are financed, amortized or taxed.  Readers are cautioned, however, that EBITDA should not be construed as an alternative to comprehensive income determined in accordance with IFRS as an indicator of the Company's financial performance. EBITDA is calculated by the Company as follows:







(unaudited)
Six months

30 June 2014

(unaudited)
Six months

30 June 2013

(unaudited)
Three months

30 June 2014

(unaudited)
Three months

30 June 2013


$000's

$000's

$000's

$000's

Profit (loss) profit for the period from

operations

587

(26)

316

178

Income taxes

281

20

144

62

Interest

1

9

-

6

Depreciation and amortization

103

110

52

55

EBITDA

972

113

512

301

 

Consolidated sales for the second quarter of 2014 were $7.1 million -- a  25.2% increase over the same period in 2013. The increase in sales is primarily from the Telecom segment, which saw a 55.9% increase in sales over the same period in 2013, due to an increase in orders in its Telecom OEM products.

As a result of the increased sales, the Company earned an after tax profit of $316,000, compared to after tax profit of $178,000 in the second quarter of 2013.  Total comprehensive income decreased by $29,000; from a profit $253,000 in Q2 2013 to $224,000 in Q2 2014.  The drop in comprehensive income is attributed to exchange differences on the translation of foreign currency.

Grant Reeves, Circa's Interim President and Chief Executive Officer, stated:

"The Company posted excellent results for the second quarter and first half of the year chiefly as a result of Telecom OEM demand and to a lesser extent its Metals business. The Company expects to satisfy the majority of its Telecom OEM requirements for an underlying project in the third quarter. As a result of the anticipated conclusion of the underlying project the Company expects its product mix and volumes in the future to reflect this event. We are actively pursuing strategic additions to our portfolio that will allow the Company to continue its growth and profitable results."

CIRCA ENTERPRISES INC.
Consolidated Statements of Comprehensive Income


Unaudited






Six months

ended

30 June 2014

Six months

ended

30 June 2013

Three months

ended

30 June 2014

Three months

 ended

30 June 2013


$000's

$000's

$000's

$000's






Sales

14,384

10,194

7,058

5,637

Cost of sales

(11,177)

(7,955)

(5,426)

(4,289)

Gross profit

3,207

2,239

1,632

1,348

Selling, general and administrative

expenses

(2,338)

(2,236)

(1,172)

(1,102)

Operating profit

869

3

460

246

Other income

4

-

-

-

Finance costs

(1)

(9)

-

(6)

Profit (loss) before tax

872

(6)

460

240

Income tax expense

(281)

(20)

(144)

(62)

Profit (loss) for the period from

operations attributable to

shareholders of the Company

591

(26)

316

178

Other comprehensive income:





Exchange differences on translating

foreign operations, net of tax

25

121

(92)

75

Total comprehensive income for the

period attributable to shareholders of

the Company

616

95

224

253






Earnings (loss) per share (in $'s)





Basic and diluted

0.06

(0.00)

0.03

0.02

 

COMMON SHARES ISSUED UNDER ACQUISITION PLAN

On August 7, 2014 the Company issued an aggregate of 7,732 common shares to directors pursuant to the Company's Share Acquisition Plan at a deemed price of $0.97 per share in lieu of the cash annual retainer otherwise payable to the directors.

Circa Enterprises Inc. is a public company with operations in Alberta, Ontario and Florida. The outstanding common shares of Circa Enterprises Inc. are listed and trade on the TSX Venture Exchange under the trading symbol CTO. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The Company's quarterly financial statements and related management's discussion and analysis have been filed with certain securities regulatory authorities in Canada and may be accessed electronically through the SEDAR website at www.sedar.com.

SOURCE Circa Enterprises Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
The WebRTC Summit 2014 New York, to be held June 9-11, 2015, at the Javits Center in New York, NY, announces that its Call for Papers is open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 16th International Cloud Expo, @ThingsExpo, Big Data Expo, and DevOps Summit.
SYS-CON Media announced today that @WebRTCSummit Blog, the largest WebRTC resource in the world, has been launched. @WebRTCSummit Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @WebRTCSummit Blog can be bookmarked ▸ Here @WebRTCSummit conference site can be bookmarked ▸ Here
SYS-CON Events announced today that Cisco, the worldwide leader in IT that transforms how people connect, communicate and collaborate, has been named “Gold Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Cisco makes amazing things happen by connecting the unconnected. Cisco has shaped the future of the Internet by becoming the worldwide leader in transforming how people connect, communicate and collaborate. Cisco and our partners are building the platform for the Internet of Everything by connecting the...
Wearable technology was dominant at this year’s International Consumer Electronics Show (CES) , and MWC was no exception to this trend. New versions of favorites, such as the Samsung Gear (three new products were released: the Gear 2, the Gear 2 Neo and the Gear Fit), shared the limelight with new wearables like Pebble Time Steel (the new premium version of the company’s previously released smartwatch) and the LG Watch Urbane. The most dramatic difference at MWC was an emphasis on presenting wearables as fashion accessories and moving away from the original clunky technology associated with t...
Temasys has announced senior management additions to its team. Joining are David Holloway as Vice President of Commercial and Nadine Yap as Vice President of Product. Over the past 12 months Temasys has doubled in size as it adds new customers and expands the development of its Skylink platform. Skylink leads the charge to move WebRTC, traditionally seen as a desktop, browser based technology, to become a ubiquitous web communications technology on web and mobile, as well as Internet of Things compatible devices.
SYS-CON Events announced today that robomq.io will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. robomq.io is an interoperable and composable platform that connects any device to any application. It helps systems integrators and the solution providers build new and innovative products and service for industries requiring monitoring or intelligence from devices and sensors.
Docker is an excellent platform for organizations interested in running microservices. It offers portability and consistency between development and production environments, quick provisioning times, and a simple way to isolate services. In his session at DevOps Summit at 16th Cloud Expo, Shannon Williams, co-founder of Rancher Labs, will walk through these and other benefits of using Docker to run microservices, and provide an overview of RancherOS, a minimalist distribution of Linux designed expressly to run Docker. He will also discuss Rancher, an orchestration and service discovery platf...
SYS-CON Events announced today that Akana, formerly SOA Software, has been named “Bronze Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Akana’s comprehensive suite of API Management, API Security, Integrated SOA Governance, and Cloud Integration solutions helps businesses accelerate digital transformation by securely extending their reach across multiple channels – mobile, cloud and Internet of Things. Akana enables enterprises to share data as APIs, connect and integrate applications, drive part...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes for use cases across the industrial, enterprise, and consumer segments.
SYS-CON Events announced today that Solgenia will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Solgenia is the global market leader in Cloud Collaboration and Cloud Infrastructure software solutions. Designed to “Bridge the Gap” between Personal and Professional Social, Mobile and Cloud user experiences, our solutions help large and medium-sized organizations dr...
SYS-CON Events announced today that Liaison Technologies, a leading provider of data management and integration cloud services and solutions, has been named "Silver Sponsor" of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York, NY. Liaison Technologies is a recognized market leader in providing cloud-enabled data integration and data management solutions to break down complex information barriers, enabling enterprises to make smarter decisions, faster.
Cloud is not a commodity. And no matter what you call it, computing doesn’t come out of the sky. It comes from physical hardware inside brick and mortar facilities connected by hundreds of miles of networking cable. And no two clouds are built the same way. SoftLayer gives you the highest performing cloud infrastructure available. One platform that takes data centers around the world that are full of the widest range of cloud computing options, and then integrates and automates everything. Join SoftLayer on June 9 at 16th Cloud Expo to learn about IBM Cloud's SoftLayer platform, explore se...
@ThingsExpo has been named the Top 5 Most Influential M2M Brand by Onalytica in the ‘Machine to Machine: Top 100 Influencers and Brands.' Onalytica analyzed the online debate on M2M by looking at over 85,000 tweets to provide the most influential individuals and brands that drive the discussion. According to Onalytica the "analysis showed a very engaged community with a lot of interactive tweets. The M2M discussion seems to be more fragmented and driven by some of the major brands present in the M2M space. This really allows some room for influential individuals to create more high value inter...
The world's leading Cloud event, Cloud Expo has launched Microservices Journal on the SYS-CON.com portal, featuring over 19,000 original articles, news stories, features, and blog entries. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. Microservices Journal offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. Follow new article posts on Twitter at @MicroservicesE
SYS-CON Events announced today the IoT Bootcamp – Jumpstart Your IoT Strategy, being held June 9–10, 2015, in conjunction with 16th Cloud Expo and Internet of @ThingsExpo at the Javits Center in New York City. This is your chance to jumpstart your IoT strategy. Combined with real-world scenarios and use cases, the IoT Bootcamp is not just based on presentations but includes hands-on demos and walkthroughs. We will introduce you to a variety of Do-It-Yourself IoT platforms including Arduino, Raspberry Pi, BeagleBone, Spark and Intel Edison. You will also get an overview of cloud technologies s...
SYS-CON Events announced today that SafeLogic has been named “Bag Sponsor” of SYS-CON's 16th International Cloud Expo® New York, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. SafeLogic provides security products for applications in mobile and server/appliance environments. SafeLogic’s flagship product CryptoComply is a FIPS 140-2 validated cryptographic engine designed to secure data on servers, workstations, appliances, mobile devices, and in the Cloud.
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch of Docker's initial release in March of 2013, interest was revved up several notches. Then late last...
SOA Software has changed its name to Akana. With roots in Web Services and SOA Governance, Akana has established itself as a leader in API Management and is expanding into cloud integration as an alternative to the traditional heavyweight enterprise service bus (ESB). The company recently announced that it achieved more than 90% year-over-year growth. As Akana, the company now addresses the evolution and diversification of SOA, unifying security, management, and DevOps across SOA, APIs, microservices, and more.
After making a doctor’s appointment via your mobile device, you receive a calendar invite. The day of your appointment, you get a reminder with the doctor’s location and contact information. As you enter the doctor’s exam room, the medical team is equipped with the latest tablet containing your medical history – he or she makes real time updates to your medical file. At the end of your visit, you receive an electronic prescription to your preferred pharmacy and can schedule your next appointment.
The Open Compute Project is a collective effort by Facebook and a number of players in the datacenter industry to bring lessons learned from the social media giant's giant IT deployment to the rest of the world. Datacenters account for 3% of global electricity consumption – about the same as all of Switzerland or the Czech Republic -- according to people I met at the recent Open Compute Summit in San Jose. With increasing mobility at the edge of the cloud and vast new dataflows being predicted with the growth of the Internet of Things (and The Coming Age of Many Zettabytes) in the near...